Finishing the first quarter of 2016 with good results! Odessa TX

[Martin Chavez]

So far it has been a great start to 2016. We have big goals for this year and a lot of opportunities to capitalize on. I just wanted to take a minute to reflect on what our company has accomplished during the first quarter of the year. In January we decided to set a goal to increase our rental inventory (currently 21 units) and acquire no less than 36 new rental units for this year (we like to aim high when it comes to goal setting).

Our Strategy

At that point we increased our property search efforts, marketing strategies, and acquisition methods to allow us enough leads to possibly get at least 5 contracts a month.

-3 buy and hold

-1 fix and flip

-1 wholesale

The wholesale and fix and flip are to provide extra capital to continue closing deals and getting houses.

Our Results

As a result of our increased efforts, we have been seeing a positive response rate. Mid-January we started receiving 5-10 calls a week from curious inquiries and motivated sellers wanting more information. It turned in to a busy month full of early days, late nights, and lots of appointments. Despite the sleepless nights and hectic new schedule, In February we closed on 2 buy and hold properties and 1 fix and flip. While In March we closed on 2 more buy and hold properties, we have a wholesale deal scheduled to close next week for a nice $10k assignment fee, and have a few more properties soon to be under contract.

Summary

Thus far, this year is looking pretty good. Even though we may be a tad bit behind schedule in terms of reaching our rental goal of 36 more units for the year (3 per month), I believe there is still plenty of year left to make up for it. 

And for the aspiring investors out there who are hesitating pulling the trigger on your first deal, just know that whatever goals you may have- big or small- they are reachable! Don’t let anyone tell you otherwise. Your journey to success and achieving the “impossible” is your decision to make, and yours alone. Don’t limit your potential to that of anyone’s opinion. Always remember that every real estate empire begins with the decision to get started. On that note, there is no better place to get started than here on Bigger Pockets thanks to @Joshua Dorkin, @Brandon Turner, and the rest of the Bigger Pockets community!